v2.4.0.8

Investments and Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2013
Investments and Fair Value Measurements [Abstract] |
Fair value of investments | The following tables summarize the composition of our investments at June 30, 2013 and December 31, 2012 (in thousand s):
|  |  |  |  |  |  |  |  |  |  | Classification on Balance Sheet |
June 30, 2013 |  | Amortized Cost | Unrealized Gains (Losses) | Aggregate Fair Value | Cash and cash equivalents | Short-term available-for-sale securities | Long-term available-for-sale securities
Auction rate securities ("ARS"), greater than one year | $ | 1,000 |  | $ | (284) |  | $ | 716 |  | $ | - |  | $ | - |  | $ | 716
Money market funds, ninety days or less | 50 |  |  | - |  |  | 50 |  |  | 50 |  |  | - |  |  | -
Municipal securities1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One year or less2 |  |  | 43,093 |  |  | (109) |  |  | 42,984 |  |  | - |  |  | 42,984 |  |  | -
After one year through three years |  |  | 2,517 |  |  | 2 |  |  | 2,519 |  |  | - |  |  | 2,519 |  |  | -
Greater than three years |  |  | 6,019 |  |  | (164) |  |  | 5,855 |  |  | - |  |  | 5,855 |  |  | -
Total |  | $ | 52,679 |  | $ | (555) |  | $ | 52,124 |  | $ | 50 |  | $ | 51,358 |  | $ | 716
|  |  |  |  |  |  |  |  |  |  | Classification on Balance Sheet |  |  |
December 31, 2012 |  | Amortized Cost | Unrealized Gains (Losses) | Aggregate Fair Value | Cash and cash equivalents | Short-term available-for-sale securities | Long-term available-for-sale securities
ARS, greater than one year |  | $ | 1,000 |  | $ | (277) |  | $ | 723 |  | $ | - |  | $ | - |  | $ | 723
Money market funds, ninety days or less | 1,150 |  |  | - |  |  | 1,150 |  |  | 1,150 |  |  | - |  |  | -
Municipal securities1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One year or less2 |  |  | 26,885 |  |  | (1) |  |  | 26,884 |  |  | - |  |  | 26,884 |  |  | -
After one year through three years |  |  | 1,345 |  |  | 7 |  |  | 1,352 |  |  | - |  |  | 1,352 |  |  | -
Greater than three years |  |  | 3,884 |  |  | 2 |  |  | 3,886 |  |  | - |  |  | 3,886 |  |  | -
Total |  | $ | 34,264 |  | $ | (269) |  | $ | 33,995 |  | $ | 1,150 |  | $ | 32,122 |  | $ | 723
1Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. 2Amounts include short-term municipal security funds that do not have a set maturity date. The aggregate fair value of short-term municipal securities was $42.1 million and $26.1 million as of June 30, 2013, and December 31, 2012, respectively.
Fair value by balance sheet grouping | The following table details the fair value measurements of assets and liabilities within the three levels of the fair value hierarchy at June 30, 2013 and December 31, 2012 (in thousands):
|  |  |  |  | Fair Value Measurements at Reporting Date Using
June 30, 2013 |  | Fair Market Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3)
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
ARS |  | $ | 716 |  | $ | - |  | $ | - |  | $ | 716
Money market funds |  |  | 50 |  |  | 50 |  |  | - |  |  | -
Municipal securities1 |  |  | 51,358 |  |  | 51,358 |  |  | - |  |  | -
Foreign currency exchange contracts |  | 36 |  |  | - |  |  | 36 |  |  | -
Total financial assets |  | $ | 52,160 |  | $ | 51,408 |  | $ | 36 |  | $ | 716
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts |  | 447 |  |  | - |  |  | 447 |  |  | -
Total financial liabilities |  | $ | 447 |  | $ | - |  | $ | 447 |  | $ | -
|  |  |  |  | Fair Value Measurements at Reporting Date Using
December 31, 2012 |  | Fair Market Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3)
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
ARS |  | $ | 723 |  | $ | - |  | $ | - |  | $ | 723
Money market funds |  |  | 1,150 |  |  | 1,150 |  |  | - |  |  | -
Municipal securities1 |  |  | 32,122 |  |  | 32,122 |  |  | - |  |  | -
Foreign currency exchange contracts |  | 952 |  |  | - |  |  | 952 |  |  | -
Total financial assets |  | $ | 34,947 |  | $ | 33,272 |  | $ | 952 |  | $ | 723
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency exchange contracts | 115 |  |  | - |  |  | 115 |  |  | -
Total financial liabilities |  | $ | 115 |  | $ | - |  | $ | 115 |  | $ | -
1 At June 30, 2013, municipal securities consisted of an 82/11/7 percent split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. At December 31, 2012, municipal securities consisted of an 82/12/6 split between holdings in short-term municipal security funds, municipal revenue bonds and municipal general obligation bonds, respectively. The underlying credit rating of the municipal securities at June 30, 2013 and December 31, 2012 were A+, A1 or better as defined by S&P 500 and Moody's, respectively.
Fair value of Level 3 assets measured on a recurring basis | Fair value measurements on a recurring basis using Level 3 inputs consist of one available-for-sale ARS. The following table presents a reconciliation for the three and six months ended June 30, 2013 and 2012, of available-for-sale ARS measured at fair value on a recurring basis using Level 3 inputs (in thousands):
|  | Six months ended |  | Three months ended
|  | June 30, |  |  |  |  | June 30, |  |  |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Beginning balance |  | $ | 723 |  | $ | 700 |  | $ | 729 |  | $ | 703
Total realized / unrealized losses: |  |  |  |  |  |  |  |  |  |  |  |
Included in earnings |  |  | - |  |  | - |  |  | - |  |  | -
Included in OCI |  |  | (7) |  |  | 14 |  |  | (13) |  |  | 11
Sales and settlements |  |  | - |  |  | - |  |  | - |  |  | -
Ending balance |  | $ | 716 |  | $ | 714 |  | $ | 716 |  | $ | 714
Reclassification Out Of Accumulated Other Comprehensive Income [Table Text Block] | Unrealized gains or losses related to available-for-sale securities are recorded in accumulated other comprehensive income ("AOCI"). When securities are sold and a realized gain or loss is recognized, the amount is reclassified from AOCI to the income statement. For the three and six months ended June 30, 2013 and 2012, the amounts of net realized gains recognized in the income statement for the sale of investments were as follows (in thousands):
Location of gain reclassed from AOCI | Gain reclassed from AOCI
|  | Three and six months ended June 30,
|  | 2013 |  |  | 2012 |
Interest and dividend income |  | $ | 8 |  | $ | 239
Realized gains and losses included in accumulated other comprehensive income | The following table summarizes the balances of AOCI and the gain (loss) recognized in other comprehensive income ("OCI") related to unrealized gains and losses for available-for-sale securities in the periods indicated (in thousands):
|  | Accumulated Other Comprehensive Income (Loss)
|  | Available-for-sale securities
|  | 2013 |  |  | 2012 |
Balance, January 1, |  | $ | (180) |  | $ | 135
Other comprehensive income, net of income taxes | (186) |  |  | (27)
Balance, June 30, |  | $ | (366) |  | $ | 108

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring and/or nonrecurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References No definition available. + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258 + Details
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